In its first-half results for the six months to 30 June, AMP said its assets under management increased to $153.9 billion, up 3.7 per cent, thanks to positive cash flows and market movements.
Underlying net profit after tax (NPAT) in the platform division was $58 million, driven by higher inflows, new adviser activations, managed portfolio growth, and growth from existing advisers. Managed portfolios grew to $21.8 billion and average assets under management on the platform rose from $73.1 million a year ago to $80.5 million.
The North platform currently has 4,211 total advisers, with AMP noting that almost half of these have more than $1 million in assets on the platform, including 25 who joined during the first half.
However, it has its eye on future growth, pointing out North has an addressable market of 12,472 advisers who could potentially use the platform. Driving flows in the wealth business was specifically flagged as a priority for the second half of 2025, including through its managed portfolios and retirement offering.
AMP chief executive Alexis George told ifa that the improvement in adviser flows into the North platform is a “great reflection of the hard work” of the last few years.
“We went through the advice transaction at the end of last year, and to see that we, at this point, have the continued support of the ex-AMP advisers is great, but we know we have to work hard on that. We have to work hard to bring new advisers on,” George said.
“You can see that’s starting to change and that’s a testament to hard work.”
While continuing to expand North’s reach beyond advisers that were formerly at AMP advice firms is a priority, the CEO explained they do view that cohort “a little differently”.
“They have been part of our organisation forever, so we have a very close relationship with them and know how they operate, so it is really important that we maintain that close relationship,” George said.
“They’re in different organisation now, but I would still meet with [The Adviser Association] regularly, as does Edwina Maloney, as does our CFO. It’s important that we keep that going.
“We still get their input into our product development, because they very are much of a part of our history … I think it is a more special relationship, and certainly a more intimate relationship, and I wouldn’t want that to change, to be honest.”
The firm’s statutory NPAT was $98 million, down from $103 million in the prior corresponding period, which AMP said reflected the planned business simplification spend and litigation costs.
AMP’s business simplification program is expected to be completed during FY2025–26, with $60 million of the $150 million total investment remaining.
In a separate ASX announcement, the firm announced Andrea Slattery would be stepping down from the board at the end of August after six years. In her place, AMP has appointed Linda Elkins as a non-executive director.
Elkins was previously the national leader for asset and wealth management at KPMG and was also the executive general manager for Colonial First State.
Mike Hirst, AMP chairman, said Elkins’ experience will be particularly relevant for the firm’s platform and superannuation business.
“I want to thank Andrea for the significant contribution she has made to the AMP board over the past six years. Her passion for this business has been evident in how she has carried out her duties, while her industry experience and extensive ESG knowledge have brought important insights to the board’s decision making.
“I am also excited to be welcoming Linda to the board. Linda’s impressive experience in platforms and superannuation will be of tremendous value, and her breadth of industry knowledge is undoubted. Linda’s skills and expertise will be especially important as AMP continues its focus on the growth of its North platform and superannuation businesses.”
